Retail investors boost private client stockbrokers October 7, 2009 THE surge of retail investors rushing back to equities in recent months has become a flood since London’s benchmark FTSE 100 index broke through the psychologically important 5,000 mark on 9 September. This represents a massive opportunity for private client stockbrokers, many of which have seen a boost to both client numbers and to the [...]
Page hit by 36m VAT repayment October 7, 2009 MICHAEL Page said yesterday it has been hit with a £37.4m bill from the Inland Revenue, which the taxman had originally handed over to the firm as a part settlement of an alleged overpaid VAT bill. The firm, which had £138m in net cash at the end of September, said it would appeal against the [...]
Magna, GM and unions meet in a move to save UK jobs at Vauxhall car plants October 7, 2009 BUSINESS minister Pat McFadden and bosses at Unite union last night met with Magna International, the new owner of Vauxhall, in the latest move to save British jobs. The news comes as Germany looks set to consult British officials as early as next week on Magna’s takeover of General Motor’s (GM) European unit, which is [...]
New cars to have digital radio installed from 2014 October 7, 2009 CAR makers have agreed to make digital radios standard in cars from the start of 2014, following the Digital Britain White Paper in June which anticipates FM stations being switched off after 2015. “We’re really encouraged that both industries are positive. It will be a big logistical challenge but we have finally take the first [...]
PLATFORM CHANGES October 7, 2009 PLATFORM 9 Jan 13 Mar 12 Jun 11 Sep 7 OctLSE 82% 79% 72% 68% 64%Chi-X 11% 14% 17% 19% 22%Turquoise 6% 5% 6% [...]
TORIES MULL TAX ON BAILED-OUT BANKS October 7, 2009 A TORY government would consider a “windfall” tax on UK banks that have received state support, in an apparent sign of shadow chancellor George Osborne’s willingness to play hardball with the City. One possibility for the tax, currently being discussed at the highest levels within the party, would take the shape of a new accounting [...]
Lloyds plans a 12.5bn share issue October 7, 2009 LLOYDS Banking Group will turn to traditional investors rather than a sovereign wealth fund to help it raise up to £25bn to exit the government’s Asset Protection Scheme (APS), City A.M. can reveal. Sources familiar with the bank’s plans said last night that it had submitted a proposal to the Financial Services Authority (FSA) that [...]
Davis says no to ITV chair October 7, 2009 EX-REED Elsevier chief executive Sir Crispin Davis has walked away from the opportunity to become ITV’s chairman, dealing another blow to the troubled broadcaster. Davis – who was the board’s favourite to replace Michael Grade – is said to have felt the job was too high profile for his first time as a company chairman. [...]
A windfall tax on banks is a bad idea October 7, 2009 IT is now clear that the Tories have it in for the banks. I wrote in this space yesterday about their interest in reviving a version of Lord Howe’s 1981 windfall tax on high street banks; we now know in much more detail one of the ideas they are working on, courtesy of revelations in [...]
Ladbrokes to raise 300m October 7, 2009 BETTING giant Ladbrokes will today call on investors to participate in a £300m rights issue as it struggles to pay off mounting debts. The bookmaker has moved to cut costs and has already slashed its dividend but is still battling a debt pile which had reached £962m at the half year. The firm, which is [...]